New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-08-30
STRIKING AT THE NEVADA BANK.
DREsBACH'S CREDITORS WANT TO SUE TT.
Mr., MACKAY MAKES STATEMENT REGARDING THE
BANK AND THE WHEAT DEAL.

Mr., MACKAY MAKES STATEMENT REGARDING THE
BANK AND THE WHEAT DEAL
SAN FRANCISCO Aug 30 tSpecia0.-The only interest
Ing incident in the wheat market to-day attempt
OF George W. McNear, who represents the heaviest
creditors OF Dresbach force the Produce Exchange
sell DresDachs wheat for account The Call Board ad
oarDed for hours to seek legal advice and the
result that 1t refused this wheat. Dresbacb, Of
course, failed to margin down under his contract OF
August 3. The Call Board directors took the ground
that the agreement In the nature Of deed which
removed the wheat from the Jurisdiction of the Call
Board Immediately after this announced. the Call
Board adjourned. George W. McNear, SIR Bannister
and other large oeedtors of Dresbach claim that
their attorneys have given them contrary opinion.
The object of the proposed sales through the Call Board
was to determine the loss with the view OF suing the Ne
Mr. Bannster said to the Call Board representatives
We believe the bank was party 10 the DEAL and II we
should DO unable to establish that fact at least
drag their private business affairs accounts cabegrams.
etc. into court and make for them that they
will be glad to make compromise witt Us to hush tue
mat up We can bother them good deal. at least"
The atmosphere In Pine-st and Pauper Alley was
gloomy to-day The crash In wheat affected mining stocks.
and both tried to break the market There slaughter
at the first session OF ali stocks except Cincinnati Vir
gina and California. but the Nevada Bank stepped in
and saved the Street from panic. Confidence
stored and prices rose all around.
All the local newspapers except TIE Chronicle printed
about the collapse OF the wheat clique than
sent East by the Associated Press They ignored what
was the great sensation OF Saturday The Chronicle gave
Nevada Bank was SscE Of the TWO brokers' should bear
the losses OF local dealers This brought John W.
Mackay who an interview TO Chronicle represen
between the Nevada Bank and the wheat deal other
than that OF mere loans OF money. Mr. Mackay said
that he wished first TO call attention to an
Interview published In The Herald last Friday
aGd reprinted by the morning newspapers OF this city In
that interview he credited with saying that he held
wheat and proposed to hold IL until English milers were
ready to buy it. THAT interview, he added lis utterly
false never made any such statements The whole
thing was manufactured by some one here or In New
YORK. declared when first landed In New YORK that
didn't a pound OF wheat, and have held TO that
statement ever since Any report 10 the contrary Is
fxlsehOod."
and the alleged connection OF the Nevada Bank
with the wheat deal Mr.. Mackay said: "You may say
from that the bank does not bushel OF wheat
IL simply loaned mouey wheat, much OF which was
plee OF the bank since the affection OF Mr.
Floods compelled him to relinquish the personal
supervision he has given to since 1t was founded
The great mistake made by Mr. Brander was in making
knew nothing OF these loans until reached New York.
but that whatever NAV be the losses on this
wheat and 1t will take months to settle what tho
losses VIII amount TO-. as cargoss are
Bank, which is equivalent to Flood and myself will stand
them There has been bad business MANAGEMENT shown
but that the bank has been party this wheat specua
tion Is false. To prove THIS statement an will
Ing TO submit my personal accounts aud the
books of the bank to any competent expert
In san Francisco who may be selected and
II he inds any single item connecting me or the bank
with the purchase OF single busnol OF wheat then
on and what is more than this willing that Roseu
field and Desbach should be put the witness stand
and questioned Ia regard to their connection
with the bank. They will swear. as l would oD
money them and had absolutely no interest in the
wheat deal"